Lease vs Finance for the first car
Planning to buy the first car in my life and debating whether I should lease or finance.
Considering SUV : Mazda CX-5, VW Tiguan 2018, or Nissan Rogue 2018 (No CRV or RAV4 on my list)
I have prepared $30k in cash aside for the car and originally thought to buy it in cash (and use HELOC to pay remaining balance)
Problem is I have no driving experience.. have had the license for a decade but never had my own car.
My friends are all saying it would be better to buy a cheap used car or lease a new car just in case I get into any sort of small/big accidents.
I don't like to drive the used car (personal preference..) and would definitely consider leasing if it's a better option.
I don't drive to work (only short drive to GO station, 5 mins away) and mainly for grocery and weekend leisure. I'm single so it's not a family car. (though I have a small dog..)
Would leasing be better option for me as a first car owner?
If leasing, I'm planning to put downpayment of more than 10k (or as much as I can as I already set $30k aside for car purchase)
I would like to reduce the risk of future liability caused by potential accidents so it sounds like a better option.
Of course, it will cost a bit more at the end compared to financing, but I'm not sure if I wanna drive the same car after 5,6 years.